JRS SICAV Investment Company (SICAV), Luxembourg

Transcription

1 Unaudited semi-annual report JRS SICAV Investment Company (SICAV), Luxembourg R.C.S. Luxembourg B

2 Notice The sole legally binding basis for the purchase of shares of the Fund described in this report is the latest valid sales prospectus with its terms of contract.

3 Contents Organisation... 2 General information... 4 Consolidated statement of net assets... 5 JRS SICAV - JRS Trend... 6 Statement of net assets... 6 Statement of investments and other net assets... 7 Industrial and geographical classification of investments... 8 JRS SICAV - JRS Global Asset Allocation... 9 Statement of net assets... 9 Statement of investments and other net assets Industrial and geographical classification of investments Notes to the financial statements

4 Organisation Registered office 4, rue Peternelchen L-2370 Howald Board of Directors Chairman Anders MALCOLM SEB Fund Services S.A., Luxembourg Members Olivier SCHOLTES SEB Fund Services S.A., Luxembourg Peter NYGREN JRS Asset Management AB, Sweden Mats EKSTRÖM JRS Asset Management AB, Sweden Management Company and Central Administration Agent SEB Fund Services S.A 4, rue Peternelchen L-2370 Howald Board of Directors of the Management Company Chairman Ralf FERNER Managing Director SEB Asset Management S.A., Luxembourg Vice-Chairman Peter KUBICKI Managing Director Skandinaviska Enskilda Banken S.A., Luxembourg Directors Göran FORS Head of Asset Servicing Transaction Banking Skandinaviska Enskilda Banken AB (p ubl) Ann-Charlotte LAWYER Managing Director SEB Fund Services S.A., Luxembourg Jonas LINDGREN Head of Prime Brokerage SEB Enskild a, Securities Finance, Sweden Custodian Bank Skandinaviska Enskilda Banken S.A. 4, rue Peternelchen L-2370 Howald 2

5 Organisation (continued) Administration Agent, Registrar and Transfer Agent European Fund Administration S.A. 2, rue d Alsace L-1122 Luxembourg Investment Manager JRS Asset Management S.A. (acting through its Swedish branch) 18-20, rue Edward Steichen L-2540 Luxembourg (until 15th July 2013) 40, avenue Monterey L-2163 Luxembourg (since 15th July 2013) Placement and Distribution Agent JRS Asset Management S.A. (acting through its Swedish branch) 18-20, rue Edward Steichen L-2540 Luxembourg (until 15th July 2013) 40, avenue Monterey L-2163 Luxembourg (since 15th July 2013) Auditor PricewaterhouseCoopers, Société coopérative 400, route d Esch L-1471 Luxembourg 3

6 General information JRS SICAV (the "Fund") is an open-ended investment company incorporated under the laws of the Grand Duchy of Luxembourg as a "Société d Investissement à Capital Variable" ("SICAV") registered pursuant to Part I of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment. The Fund has been incorporated as an open-ended investment company with multiple compartments on 26th November 2009 for an unlimited period. The Articles of Incorporation (the "Articles") were published in the "Mémorial C, Recueil des Sociétés et Association" (the "Mémorial") on 30th December The registered office of the Fund is established at 4, rue Peternelchen, L-2370 Howald. The Articles of the Management Company were published in the "Mémorial" as of 16th November The last amendment of the Articles was published on 18th May At present, the following Sub-Funds are at the Shareholder s disposal: - JRS SICAV - JRS Trend in SEK - JRS SICAV - JRS Global Asset Allocation in SEK. Class HNW Shares are available for subscription and are reserved to Institutional Investors and certain other investors. The minimum subscription and minimum hold ing amounts are of SEK 300,000 or their equivalent in another currency unless the Directors resolve otherwise. Class R Shares will be available to all investors. No minimum subscription and minimum holding amounts apply. Class Aktiv Pension Shares will be available exclusively to investors subscribing through the distributor "Pensionsmynd igheten" in Sweden. No min imum subscription and minimum holding amounts apply to this Class of Shares. Class HNW Shares, Class R Shares and Class Aktiv Pension Shares are only available as Accumulation Shares. Shares of the following Classes are currently issued: - Class HNW SEK - Class R SEK - Class Aktiv Pension SEK. At the date of the present report, the Classes HNW SEK and R SEK are active in the Sub -Fund JRS SICAV - JRS Trend and the Class Aktiv Pension Shares is active in the Sub-Fund JRS SICAV - JRS Global Asset Allocation. The Net Asset Value per Share of each Class of Shares within the relevant Sub-Fund is determined on each bank business d ay in Luxembourg (the "Valuation Day"). The reference currency of JRS SICAV is the euro (EUR). Financial reports of the Fund are published annually and semi-annually. Copies of the annual financial statements and semi-annual reports, as well as the current prospectus, copies of the Articles of Incorporation of the Fund may be obtained free of charge at the registered office of the Fund and the Placement and Distribution Agent. 4

7 Consolidated statement of net assets (in EUR) Assets Securities portfolio at market value 44,677, Option contracts at market value 76, Deposits on future contracts 254, Cash at banks 6,848, Other liquid assets 317, Formation expenses, net 19, Income receivable on portfolio 3, Interest receivable on bank accounts 1, Other receivables 54, Prepaid expenses 3, Total assets 52,256, Liabilities Bank liabilities 5, Other liquid liabilities 68, Short option contracts at market value 76, Payable on treasury transactions Unrealised loss on future contracts 54, Unrealised loss on forward foreign exchange contracts 328, Interest on bank liabilities and expenses payable 237, Total liabilities 771, Net assets at the end of the period 51,485, The accompanying notes are an integral part of these financial statements. 5

8 - JRS Trend Statement of net assets (in SEK) Assets Securities portfolio at market value 73,702, Deposits on future contracts 2,232, Cash at banks 2,937, Other liquid assets 33, Formation expenses, net 55, Interest receivable on bank accounts 1, Other receivables 477, Prepaid expenses 3, Total assets 79,443, Liabilities Bank liabilities 5, Other liquid liabilities Unrealised loss on future contracts 477, Interest on bank liabilities and expenses payable 250, Total liabilities 733, Net assets at the end of the period 78,710, Class HNW SEK Shares outstanding 83, Net asset value per Class HNW SEK Share Class R SEK Shares outstanding 3, Net asset value per Class R SEK Share The accompanying notes are an integral part of these financial statements. 6

9 - JRS Trend Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Open-ended investment funds Investment funds (UCITS) SEK 51, Carnegie Fd Svensk Kort Ränte Units A1 Cap 6,781, ,952, SEK 64, Handelsbank Fds Swedish ST Asset shares Dist 6,536, ,621, SEK 44, Salusansvar Ohman Penningmarknadsfond Units Dist 4,317, ,326, SEK 656, SEB Likviditetsfond Kasvu Cap 7,875, ,876, SEK 31, SEB Sverige Indexfond 5,345, ,107, SEK 36, SPP Aktifond Sverige 5,717, ,096, SEK 37, SPP Penningmarknadsfond 4,361, ,365, Total investment funds (UCITS) 40,935, ,345, Tracker funds (UCITS) SEK 72 SpotRTM1 Bear OMXS30 IC SEK Cap 5, , SEK 475 SpotRTM1 Bull OMXS30 IC SEK Cap 48, , SEK 50,050 SpotRTM1 OMXS30 IC Cap 5,225, ,043, SEK 517 XACT OMXS30 Dist 60, , SEK 21,444 XACT OMXSB Utdelande Units Dist 6,238, ,366, Total tracker funds (UCITS) 11,579, ,532, Tracker funds (UCI) SEK 590, Aktiespararnas Topp Sverige Units 5,444, ,012, SEK 357,075 XACT BEAR Units Dist 6,235, ,034, SEK 900 XACT Bull Units 149, , SEK 92,777 XACT Fonder AB Bear 2 Units 6,718, ,438, SEK 570 XACT Fonder AB Bull 2 Units 166, , Total tracker funds (UCI) 18,714, ,824, Total investments in securities 71,228, ,702, Cash at banks 2,937, Bank liabilities -5, Other net assets/ (liabilities) 2,076, Total 78,710, The accompanying notes are an integral part of these financial statements. 7

10 - JRS Trend Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Investment funds % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) Sweden % Grand Duchy of Luxembourg % Finland % Total % The accompanying notes are an integral part of these financial statements. 8

11 - JRS Global Asset Allocation Statement of net assets (in SEK) Assets Securities portfolio at market value 318,177, Option contracts at market value 675, Cash at banks 57,129, Other liquid assets 2,752, Formation expenses, net 115, Income receivable on portfolio 27, Interest receivable on bank accounts 16, Prepaid expenses 23, Total assets 378,917, Liabilities Bank liabilities 39, Other liquid liabilities 599, Short option contracts at market value 675, Payable on treasury transactions Unrealised loss on forward foreign exchange contracts 2,883, Interest on bank liabilities and expenses payable 1,832, Total liabilities 6,031, Net assets at the end of the period 372,886, Class Aktiv Pension Shares outstanding 377, Net asset value per Class Aktiv Pension Share The accompanying notes are an integral part of these financial statements. 9

12 - JRS Global Asset Allocation Statement of investments and other net assets (in SEK) Currency Number / nominal value Description Cost Market value % of total net assets Investments in securities Open-ended investment funds Investment funds (UCITS) SEK 28, Handelsbanken Fonder Langrantefond Sverige Dist 2,983, ,948, SEK 103, Salusansvar Ohman Penningmarknadsfond Units Dist 10,012, ,078, SEK 284, SPP Penningmarknadsfond 33,054, ,331, SEK 9, Öhman Obligationsfond Uts 1,121, ,117, Total investment funds (UCITS) 47,171, ,476, Tracker funds (UCITS) EUR 1,472 Amundi ETF MSCI World EUR Cap 1,838, ,869, EUR 31,921 ishares Euro Stoxx 50 (DE) Dist 7,502, ,423, EUR 33,562 Multi Units France Lyxor ETF ES50 Index Div Dist 29,798, ,030, ,139, ,323, GBP 318,353 Multi Units France Lyxor ETF FTSE ,790, ,108, JPY 102,766 ishares Plc MSCI Japan USD UCITS ETF Dist 7,767, ,883, USD 1,687 Amundi ETF MSCI World B 2,106, ,142, USD 214,834 Amundi ETF S&P 500 B 37,504, ,216, USD 324,461 Amundi Inv Sol ETF MSCI Em Mks B 8,492, ,055, USD 258,431 db x-trackers Hedge Fund Idx UCITS ETF 2C Cap 18,732, ,078, USD 103,298 db x-trackers MSCI AC ASIA ex Jap TRN Idx UCITS ETF 1C 21,592, ,532, Cap USD 15,778 ishares II Plc GBP High Yield Corp Bond UCITS ETF Dist 11,581, ,583, USD 24,948 ishares VII Plc Nasdaq 100 UCITS ETF Cap 24,540, ,329, USD 37,268 ishares VII Plc S&P500 B UCITS ETF Cap 31,341, ,074, USD 34,619 Multi Units Luxembourg Lyx ETF SG Gl Qlty Income NTR D Dist 23,743, ,328, ,634, ,342, Total tracker funds (UCITS) 250,331, ,658, Tracker funds (UCI) SEK 43,765 XACT Fonder AB Bull 2 Units 12,836, ,041, Total tracker funds (UCI) 12,836, ,041, Total investments in securities 310,339, ,177, Options Listed financial instruments Index options SEK 200 OMX Stockholm 30 Index PUT 07/ 13 OMX , , Total options 400, , The accompanying notes are an integral part of these financial statements. 10

13 - JRS Global Asset Allocation Statement of investments and other net assets (in SEK) (continued) Short options Listed financial instruments Index options SEK -200 OMX Stockholm 30 Index PUT 07/ 13 OMX , , Total short options -932, , Cash at banks 57,129, Bank liabilities -39, Other net assets/ (liabilities) -2,380, Total 372,886, The accompanying notes are an integral part of these financial statements. 11

14 - JRS Global Asset Allocation Industrial and geographical classification of investments Industrial classification (in percentage of net assets) Investment funds % Total % Geographical classification (by domicile of the issuer) (in percentage of net assets) France % Ireland % Grand Duchy of Luxembourg % Sweden % Germany 1.99 % Total % The accompanying notes are an integral part of these financial statements. 12

15 Notes to the financial statements Note 1 - Significant accounting policies a) Presentation of the financial statements The financial statements of the Fund are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment. The financial statements were drawn up on basis of the net asset value of 28th June 2013 using the last available prices on 28th June b) Valuation (1) Securities listed on Regulated Markets, which operate regularly and are recognised and open to the public, are valued at the last available price; in the event that there should be several such markets, on the basis of the last available price of the main market for the relevant security. Should the last available price for a given security not truly reflect its fair market value, then that security shall be valued on the basis of the probable sales price which the Directors deem it is prudent to assume. (2) Securities not listed on Regulated Markets, which operate regularly and are recognised and open to the public, are valued on the basis of their last available price. Should the last available price for a given security not truly reflect its fair market value, then that security will be valued by the Directors on the basis of the probable sales price which the Directors deem it is prudent to assume. (3) The liquidating value of futures, forward and options contracts (or any other derivative instruments) not traded on Regulated Markets or stock exchanges shall mean their net liquidating value determined, pursuant to the policies established in good faith by the Central Administration Agent, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward and options contracts (or any other derivative instruments) traded on Regulated Markets or stock exchanges shall be based upon the last available settlement prices of these contracts on Regulated Markets or stock exchanges on which the particular futures, forward or options contracts (or any other derivative instruments) are traded by the Fund; provided that if a futures, forward or options cont ract (or any other derivative instruments) could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Central Administration Agent may deem fair and reasonable. (4) Shares or units in underlying open-ended investment funds are valued at their last available price. (5) Liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner. Short-term investments that have a remaining maturity of one year or less may be valued (i) at market value, or (ii) where market value is not available or not representative, at amortised cost. (6) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid, and not yet received shall be deemed to be the full amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value thereof shall be determined after making such discount as the Directors may consider appropriate in such case to reflect the true value thereof. 13

16 Notes to the financial statements (continued) c) Net realised gain/ (loss) on sales of securities The net realised gain/ (loss) on sales of securities is determined on the basis of the average cost of securities sold. d) Cost of securities The acquisition cost of a security denominated in a currency other than that of the Sub-Fund is converted to the Sub-Fund s currency at the exchange rate prevailing on the date of purchase. e) Exchange translation Bank balances, other assets and liabilities and the value of securities held, that are denominated in other currencies than the Sub-Fund s currency are converted at the prevailing exchange rate of the closing d ay. Income and expenses incurred in currencies other than the Sub -Fund s currency are converted at the prevailing exchange rate of the day of each tran saction. At the date of the report, the prevailing exchange rates on the closing day were as follows: 1 SEK = EUR Euro GBP Pound Sterling JPY Japanese Yen USD US Dollar f) Consolidation The consolid ated financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding captions in the financial statements of each Sub -Fund. At the date of the report, the prevailing exchange rate on the closing d a y was as follows: 1 EUR = SEK Swedish Krona g) Formation expenses Expenses incurred in connection with the establishment of the Fund and the creation of the Sub -Funds are amortised over a period of five years. h) Investment income Dividend income is recognised on an ex-dividend basis and is recorded net of withholding tax. i) Other liquid assets / Other liquid liabilities The captions "Other liquid assets" and "Other liquid liabilities" are mainly composed of cash accounts held at brokers. j) Receivable / Payable on treasury transactions The caption "Receivable on treasury transactions" comprises maturities of time deposits, new loans or foreign exchange transactions not yet recorded under the caption "Cash at banks". 14

17 Notes to the financial statements (continued) The caption "Payable on treasury transactions" comprises new time deposits, maturities of loans or foreign exchange transactions not yet recorded under the caption "Cash at banks". At a Sub-Fund, "Receivable and payable on treasury transactions" are disclosed net in the statem ent of net assets. k) Forward foreign exchange contracts Forward foreign exchange contracts are valued at prevailing market rates for the remaining period from valuation day to the maturity of the contracts. Unrealised gain/ (loss) is recorded in the statements of net assets. l) Futures contracts Futures contracts are posted off-balance sheet and are valued at the last available price applicable to the asset. Unrealised gain/ (loss) is recorded in the statement of net assets. m) Options contracts Premiums received on the sale of options are recorded as liabilities, and premiums paid on the purchase of options are carried separately as assets. Unrealised gain/ (loss) is recorded in the statement of net assets. Note 2 - Subscription, redemption and conversion fees A Subscription fee of up to 3% of the Net Asset Value for Class HWM and R Shares may be charged to investors when subscribing for Shares of the Fund. This fee will be paid to the principal distributor. Where Shares are issued in countries where stamp duties or other charges apply, such charges will be added to the issue price. There is no Subscription fee for the Class Aktiv Pension Shares. Shares are redeemable at the option of the Shareholders. No redemption fee is charged. No conversion fee is charged. Note 3 - Management fees The Management Company receives a management fee not exceeding 0.15% per annum of the net assets of the Sub-Fund JRS SICAV - JRS Trend and not exceeding 0.075% p.a for the Sub-Fund JRS SICAV - JRS Global Asset Allocation, accrued daily and payable monthly in arrears. Furthermore the Management Company is entitled to be reimbursed out of the assets of the Sub -Fund for its reasonable out-of-pocket expenses and disbursements. The Investment Manager, JRS Asset Management S.A., receives an investment management fee, accrued daily and payable monthly in arrears: JRS SICAV - JRS Trend JRS SICAV - JRS Global Asset Allocation Maximum fees 1.25% p.a. for Class HNW Shares 2.00% p.a. for Class R Shares 2.75% p.a. for Class Aktiv Pension 15

18 Notes to the financial statements (continued) Note 4 - Performance fee The Investment Manager is also entitled to receive a performance fee paid out of the Sub -Fund's assets. The performance fee is calculated monthly (a "Calculation Period"). The performance fee is deemed to accrue on a d aily basis as at each Valuation Date. For each Calculation Period, the performance fee in respect of each Share is equal to 20% for the Sub - Fund JRS SICAV - JRS Trend of the appreciation in the Net Asset Value per each Share during the Calculation Period above the Base Net Asset Value per each Share. The Base Net Asset Value per each Share is the greater of the Net Asset Value of that Share at the time of issue of that Share plus the investment management fee charged and payable to the Investment Ma nager (as further described above) plus the 3-month STIBOR hurdle rate and the highest Net Asset Value of that Share achieved as of the end of any previous Calculation Period (if any) during which such Share was in issue plus the investment management fee charged and payable to the Investment Manager (as further described above) plus the 3-month STIBOR hurdle rate. A performance fee is only accrued when the Net Asset Value per each Share is above the previous Base Net Asset Value per each Share of that Clas s. The performance fee in respect of each Calculation Period will be calculated by reference to the Net Asset Value attributable to the Share before making any ded uction for accrued performance fees. The performance fee is normally payable in arrears with in 30 days of the end of each Calculation Period. No performance fee is foreseen for the Sub-Fund JRS SICAV - JRS Global Asset Allocation. At the date of the report, no performance fee was recorded for the Sub -Fund JRS SICAV - JRS Trend. Note 5 - Central administration costs The Central Administration Agent is entitled to receive an ad ministration fee which is accrued daily and payable monthly in arrears out of the Sub-Fund s assets. The minimum administration fee to which the Central Administration Agent is entitled is EUR 40,000 per year. A higher ad ministration fee than EUR 40,000 per year may be paid to the Management Company however without exceeding a maximum of 0.14% p.a. for the Sub-Fund JRS SICAV - JRS Trend and 0.13% p.a for the Sub-Fund JRS SICAV - JRS Global Asset Allocation, based on the Sub-Funds net assets under management. The Custodian receives a custodian fee, accrued daily and payable monthly in arrears out of the fee received by the Central Ad ministration Agent. In addition, the Cu stodian is entitled to be reimbursed out of the assets of the Sub-Fund for its reasonable out-of-pocket expenses and disbursements. The Central Administration Agent is furthermore entitled to receive out of the Sub -Fund s assets, in respect of the register and transfer agent functions and other related services, a further fee in accord ance with Luxembourg customary banking practice, accrued d aily and payable monthly in arrears. The Central Ad ministration Agent is also compensated for all reasonable out -of-pocket expenses. 16

19 Notes to the financial statements (continued) Note 6 - Subscription duty ("taxe d abonnement ") The Fund is governed by Luxembourg law. Pursuant to the legislation and regulations which are prevailing, the Fund is subject to an annual subscription duty ("taxe d abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last d ay of each quarter. The rate of this is reduced to 0.01% of the value of the net assets for Sub -Funds or Classes of Shares reserved for institutional investors. According to Article 175 (a) of the amended Law of 17th December 2010 the net assets invested in Undertakings for Collective Investments already subject to the "taxe d abonnement" are exempt from this tax. Note 7 - Forward foreign exchange contracts As at 30th June 2013, the Fund was committed in the following forward foreign exchange contracts with Skandinaviska Enskilda Banken S.A. in Luxembourg: JRS SICAV - JRS Global Asset Allocation Currency Purchases Currency Sales Maturity Unrealised result (in SEK) EUR 984, SEK 8,563, , EUR 178, SEK 1,538, , EUR 256, SEK 2,249, , EUR 1,360, SEK 11,921, , EUR 236, SEK 2,021, , GBP 123, SEK 1,262, GBP 146, SEK 1,498, SEK 3,885, EUR 450, , SEK 3,815, EUR 444, , SEK 300, EUR 35, , SEK 3,856, EUR 450, , SEK 571, EUR 65, , SEK 1,927, EUR 223, , SEK 667, EUR 77, , SEK 10,363, EUR 1,208, , SEK 690, GBP 67, SEK 23,505, GBP 2,335, , SEK 1,084, GBP 104, , SEK 1,692, USD 258, , SEK 3,342, USD 500, , SEK 26,951, USD 4,053, , SEK 5,741, USD 863, , SEK 2,141, USD 328, , SEK 15,880, USD 2,381, , SEK 6,742, USD 1,030, , SEK 1,918, USD 290, , SEK 18,798, USD 2,835, , SEK 3,626, USD 537, USD 269, SEK 1,766, , USD 1,706, SEK 11,237, , USD 300, SEK 2,021, , USD 195, SEK 1,310, , USD 870, SEK 5,735, , USD 2,356, SEK 15,907, , USD 3,482, SEK 22,470, ,046, SEK 7,215, EUR 839, , SEK 16,192, EUR 1,861, ,

20 Notes to the financial statements (continued) Currency Purchases Currency Sales Maturity Unrealised result (in SEK) SEK 7,420, EUR 863, , SEK 9,641, EUR 1,122, , SEK 1,811, USD 275, , SEK 2,479, USD 376, , SEK 3,274, USD 507, , SEK 17,962, USD 2,650, , SEK 5,181, USD 800, , SEK 8,862, USD 1,380, , SEK 22,168, USD 3,370, , USD 1,437, SEK 9,495, , SEK 360, EUR 41, SEK 7,575, JPY 110,599, , SEK 89,316, USD 13,245, , ,883, Note 8 - Futures contracts As at 30th June 2013, the Fund was committed in the following futures contracts with Skand inaviska Enskilda Banken AB (publ) in London: JRS SICAV - JRS Trend Number of contracts Sale 255 OMX Stockholm 30 Index FUT 07/ 13 OMX Denomination Currency Commitments (in SEK) Unrealised result (in SEK) SEK -29,331, , , The deposits on futures contracts are recorded in the statement of net assets. Note 9 - Short option contracts As at 30th June 2013, the Fund was committed in the following short option contract with Skandinaviska Enskilda Banken AB (publ) in London. JRS SICAV - JRS Global Asset Allocation Currency Number Denomination Commitment (in SEK) Index options SEK 200 OMX Stockholm 30 Index PUT 07/ 13 OMX ,231, ,231, Note 10 - Changes in the investment portfolio The statement of changes in the investment portfolio for the period covered by the report is available free of charge upon request from the registered office of the Fund. 18

21 JRS Asset Management S.A. 40, avenue Monterey L-2163 Luxembourg